Topic: Binance bitcoin wallet maintenance (Read 219 times)

Because Binance continues to provide the best in terms of exchange functions, all the practices carried out as we discussed can make people who don't know about it feel comfortable saving money on CZ's exchange.


Exactly my thoughts on what CZ is and continues to show. Safu Funds is just part of their efforts to convince people that their exchange is secure if people deposit funds on the exchange. We may no longer be swayed by their business strategies in trying to convince us to put money on the exchange.

The problem with the trading system they have is that I would probably say the Binance exchange is quite good compared to the ones I have used so far. They continue to make improvements so that users are comfortable trading. Recently they have increased their VIP ownership program again.
We must be able to separate the problem between the security of money if it is stored on the exchange and the convenience of the trading system they have.

Difference is that banks are allowed to work on fractional reserve basis (and everyone is aware of that) where they can use the funds of their clients to generate profit while crypto exchanges don't operate on that basis.

I have not noticed FUD anywhere.

CZ knows business, finances and economics damn well, he is not an average businessman. He knows how to make money from money, how to lie to people, how to get rid of panic, how to gain capital, how to gain trust. Please, don't get me wrong, I don't appreciate what he does for crypto community but he is a phenomenal in his job. Probably, many couldn't imagine if Binance could last this long, if BNB could succeed but they do, even when there was FUD, he still managed to not go bankrupt.

That is the case with banks, not only with Binance. If everyone decides to withdraw, all financial institutes will collapse because system is built on lies and manipulation.

Does Binance smartchain keep printing new tokens? It is mentioned in their tokenomics structure that Binance smartchain burns BNB every quarter to make the token more deflationary and to reduce maximum supply to 100 million BNB tokens.



Crypto exchange Binance said on Monday that it has burned over $450 million worth of BNB tokens as part of a planned token burn.

Just over 2.1 million BNB tokens were burned by Binance.

BNB uses an auto-burn system to reduce its total supply to 100 million BNB. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.

Source https://www.coindesk.com/markets/2023/10/16/binance-burns-450m-bnb-in-quarterly-move/

This is going to take a very long time before it happens but it'll definitely happen because when the hype of Binance exchange dies out due to another exchange domination then Cz will seized to have funds available to him to use to his advantage. Currently alot of investors are still depending on the projects he launches through his exchange launchpad for investment and I guess he buys a bag  of the coin and dump it on new buyers there by generating more profits for his exchange to keep on operating. They're also getting revenue through project listing so his bank account is getting fat regularly which make it not possible at the moment to get exposed but it'll surely happen when his time is up.


He's presenting himself and his exchange as the good guys so people keep believing in what ever he says and if you try opposing or advising people not to keep their funds on his exchange they'll defend the exchange like they have some guarantee that nothing can happen to Binance exchange. Cz is active in recovering stolen or hacked funds on the BNB network, his exchange or other associated projects and he advertise every operation that gets successful on twitter there by winning more people trust. He knows what he's doing and so far it's working in his favor but one day his tricks will fail him and he can't come out of the situation his exchange will find itself and then people will realize what has been said from the very beginning of not trusting any centralized service providers.

CZ uses clients' money just like banks, but printing BNB gives him some time before what he is doing is revealed, so he will continue to do so. The problem always lies when winter comes and it becomes difficult to obtain quick returns from investments or the price of BNB decreases then, and if he has no intention of defrauding, he will find... There is not enough money to withdraw, and if this news leaks out and everyone wants to withdraw and no one deposits, the platform will collapse, even if there is enough money for 80% of the people.

Folks are just going overboard. Binance didn't give a timeframe for the maintenance, and maybe that's why people started freaking out. Binance isn't exactly known for frequent maintenance announcements, and with the market already on the upswing, it makes sense why some folks are spreading FUD and others are hitting the panic button.

@yudi09. Also, if we think on the reality of the cryptospace, what would be good if everyone panicked because Binance really had a wallet maintenance? I shake my head and I reckon there are certain people in the the cryptospace who want to cause this fear and panic.

We had different types of fud on CZ and Binance reported by cryptonews and mainstream news media, however, where is this?

4.

CZ's strategy is good at convincing users to keep money on the Binance exchange. CZ activates himself on social media to interact with his followers. This is not the good or bad of CZ, there are many other reasons why we want users who don't know much about the risks of holding assets to not be trapped by the guarantee fund statements provided by them when an incident occurs.
In my opinion, when all users withdraw all funds on the exchange, then that is one of their fears. Just like banks, when all customers withdraw their savings, they will go bankrupt.

Actually, what we trade on exchanges are nothing but numbers and nothing more, this is exactly how centralized exchanges work under the hood. Tbe customers do the numbers and they are been recorded in their server and all trades are settled by numbers, only when you initiated a withdrawal they send out coins from their wallet to the destination wallet; observed most withdrawals when you initiated one, it's always from exchange account to another wallet address, if it was from wallet  then it will show that the coin is from your wallet address. These are evidence that we trade nothing but numbers.


CZ is just a normal business man, we all know that Safu fund is not enough for the customers as a whole, they have billions of dollars deposit under their custody and they are using a billion dollars worth of btc and bnb as insurance, I wonder how many people will be compensated if there should be a hack into Binance, will they consider the small bag or the big bags. So many imagination on my head if Binance is to collapse.

Why is it that if Binance announces maintenance checks and withdrawals will not be allowed for only 30 minutes the fud from social media begins and much of this fud is also being shared in this forum. 30 minutes is clearly not enough to stop a bankrun hehehehe. If this 30 minutes becomes 24 hours then everyone should begin the fud. This is becoming very boring, I reckon. Also, if Binance wanted to stop a bankrun it will freeze all withdrawals in all types of cryptocoins.

You got it, it's always the script that people shouldn't worry because FUNDS are SAFU and you keep all of your assets still on our exchange because you don't need to think about anything because we hold the keys and not you.
-CZ

It should have been a long time already since the emergence of the DEXes but it's true that they're harder to use while Binance and other CEXes are easy to use and that's why most users are going to them. Despite that they're the best for now, I believe that someday there will be another one to emerge if they keep always on playing like this with users fund or when people realizes that they never own anything when they deposit and stuck their funds there.

How is it a reminder that all we have is a number in the database and not real money? This is only bitcoin wallet maintenance. To my mind, this is a reminder of not your keys - not your coins.

CZ always tweets "your funds are safu" every time something bad happens because he doesn't want people to withdraw coins because this will create a terrible situation for them. Another FTX will happen if people start panicking but problem is that DEXs are hard to use while Binance is super easy, had Binance card with high cashback, you can trade your coins in seconds... There are many reasons to use Binance... At the moment they are the best but this danger of losing coins always worries me. Altcoins that I trade don't have wallet like Bitcoin Core and I have to keep them on Binance, that's a huge problem for me.

Businesses who doesn't care its users are tend to stop its operation and go bankrupt. It won't last years if that's the behaviour of currently largest exchange in this space. It's just that cz have twisted mind/ideas that wants things make all his ways. But regarding CS and experiences of most of binance users have good experience. The same thing to the handling of its users funds.

I don't think CZ will care about user funds and don't think that storing funds on the Binance exchange will be safe even though Binance always campaigns to the public with information to give peace of mind to fund owners on Binace via official social media accounts whenever problems occur.

Several topics have been posted on the forum regarding the concerns that every user who stores large funds there should have.
Even though this maintenance info is complete, I don't trust the exchange to hold funds.
Our coins, we hold the key.

This maintenance usually takes place at a time when the platforms are witnessing the least withdrawal requests, and since the maintenance time is less than hours or around 3 hours, most customers rarely complain about it, but it is a reminder that all you have is a number in the database and not real money, and in some cases states you can't even sue them or demand compensation.

Nobody should be leaving their funds in an address that they do not hold and control the private keys, this has already been said too many times in this forum, but i guess that some people do not learn from past events and they believe that some exchanges are too big to fail.
If you think that cz cares more about users' funds and that 'funds are always safu', then think again, binance like most other centralized exchanges simply want to make profit by using customers' fund through fractional reserve scam, but too many people wrongly believe cz is here to help and promote BTC.

This wallet maintenance will not affect bitcoin deposits or trades. Only withdrawals will be suspended during the maintenance period. So, you can make deposits without having to worry about losing your bitcoins.

I just checked my email and I find it weird too that I didn't receive a notification about this event although I receive a lot of promotional emails from them on a daily basis!

I'm just about to deposit BTC recently I just stopped depositing after I found this thread but right now the deposit for BTC and segwit is confirmed available and working fine.

Actually, I didn't get any announcement from them no notification on their app about this it seems they only announce this on Twitter.

It's great if it only takes about 30 minutes of maintenance. Users who have assets on Binance with this maintenance time feel relieved because the maintenance time is not long.
Don't ignore concerns about losing funds. Reading the OP sharing the information that Binance will carry out maintenance, my mind is reminded of whether the CEO will take user funds to the SAFU fund.

Just only about 30 minutes. Only withdrawals will be restricted and all the other actions will be normal.

Binance will perform wallet maintenance for Bitcoin (BTC) network at 2023-11-03 02:00 (UTC). The maintenance will take about 30 minutes.

Please note:

Deposits and the trading of digital assets/currencies on Bitcoin (BTC) network will not be impacted during the maintenance.

Withdrawals on the Bitcoin (BTC) network will be suspended starting from 2023-11-03 02:00 (UTC).

Binance will reopen withdrawals after the maintenance is complete, and will not notify users in a further announcement.

Thanks for your support!

Binance Team

Source: Wallet Maintenance for Bitcoin (BTC) Network - 2023-11-03

I do not know how long this maintenance would be, but it is happening on November 3rd at 2:00 am (UTC). I think as Binance had announced it, it is good for any Binance user on this forum to also know about it for them not to be disappointed of what we call not your key not your coin in time like this.

https://twitter.com/binance/status/1719921394677666045?t=u7b8CGLZXDakDWD8WAIhhw&s=19